Gray Communications $180 million notes talked in 9¼% area

By Paul A. Harris

St. Louis, Mo., Dec. 12 - Price talk of a yield in the 9¼% area emerged Wednesday for Gray Communications Systems, Inc.'s offering of $180 million ten-year senior subordinates notes, a market source told Prospect News.

The deal is expected to price Thursday or Friday.

Wachovia Securities and Banc of America Securities are joint bookrunners on the Rule 144A offering. Allen & Co. is co-managing.

The notes will be non-callable for five years.

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